175,274,112 DOGE Stuns World's Largest Exchange, Binance – What's Happening?

Major Dogecoin Withdrawal from Binance: $55 Million Transferred

Whale Alert, a blockchain transaction monitoring platform, has detected a large withdrawal of Dogecoin (DOGE) from Binance, the world's largest centralized cryptocurrency exchange.

Details of the Transfer

Whale Alert reported the transaction worth approximately $54.68 million, involving 175.2 million DOGE. The funds were transferred from Binance to an anonymous cryptocurrency wallet.

Distribution of Funds

The transferred DOGE was distributed across two different wallets. Three transactions, each carrying 90,071,992 DOGE, were sent to a wallet ending in "-fSSNC." An additional 175,274,112 DOGE were transferred to a wallet ending in "-eBot6."

Current Holdings

The "-fSSNC" wallet now holds 537,812,664 DOGE ($173.47 million), while the "-eBot6" wallet contains 175,274,112 DOGE ($56.53 million).

Market Context

The withdrawal occurred amidst a significant dip in the value of DOGE. At the time of writing, DOGE is trading at $0.32041, down over 12% from $0.35349 within the previous 24 hours.

Additional Large Meme Coin Transaction

Whale Alert also detected a separate large transaction involving another meme coin, Shiba Inu (SHIB). A cryptocurrency whale purchased 257.5 billion SHIB, worth approximately $4.6 million. This same whale had previously acquired a similar amount of SHIB, totaling 477.5 billion SHIB ($8.57 million).

Recovery

SHIB has since begun to recover from an 11.84% decline over the past 24 hours. It is currently trading at $0.00001819, gaining 3.55%.